Assemblyman Todd Gloria warns of GOP tax plan's potential hit on affordable housing
(NEWS 8) - Much of the country is trying to gain a complete understanding the $1.5 trillion tax reform initiative proposed by President Donald Trump and the GOP.
Assemblyman Todd Gloria joined News 8's Heather Myers on Friday to detail some of his perceived issues with the proposal and explain some of the effects that he says may be overlooked in the grand scheme.
One aspect of the proposal that Assemblyman Gloria said was particularly concerning him was the House's bid to eliminate the tax credit for the production of affordable housing. Gloria called the credit the primary funding source for the creation of affordable housing for the very poor and homeless population, he said the elimination of the credit will slow the production of new affordable units by 50 percent.
Gloria recognized that in a nation facing tremendous debt, cuts have to be made somewhere. He admitted that if the cut were being done to reduce spending and alleviate the weight of the growing debt then he would understand. But he claims that this new tax proposal would add trillions of dollars more to the debt as it takes away one tax credit and gives another to big corporations and ultra rich.